Yesterday was the 15th straight day that the S&P 500 ($SPY) has failed to outperform the Russell 2000 ($IWM)
IWM is now outperforming SPY by almost 900bps YTD... Source: www.zerohedge.com, Bloomberg
A shocking chart while Gold is flirting with $5,000/oz, it remains historically undervalued versus a 50/50 (S&P 500 / US Treasuries) portfolio
Source: Bloomberg, www.zerohedge.com
The United States now produces more oil than Saudi Arabia and Russia combined
This also explains why oil shocks today tend to be shorter-lived than in the past. There is simply more swing capacity in the system, and a lot of it sits in the US... Source: Jack Prandelli @jackprandelli
That was just another new low today for the Nasdaq100 relative to the Russell2000 small-caps.
Look at that collapse since last summer Source: J-C Parets
Excellent comments by German Chancellor Friedrich Merz in Davos today
Europeans have damaged their economies. They must fix it.
Goldman is raising Gold price target to $5,400
"We raise our Dec2026 gold price forecast to $5,400/toz (vs. $4,900 prior) because the key upside risk we have flagged--private sector diversification into gold--has started to realize. We assume private sector diversification buyers, whose purchases hedge global policy risks and have driven the upside surprise to our price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast." Source: TME
Gold jumps to $4,900 for the first time in history
Source: Barchart
🇯🇵 For Japanese investors, domestic JGBs are now more attractive than hedged foreign bonds from a yield perspective.
Source: Augur Infinity @AugurInfinity on X
